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Shanghai is moving all-in on the metaverse as it looks to build a $52 billion metaverse industry by the end of 2025. China’s financial hotspot is planning to significantly boost its metaverse and tech industry, thereby helping in the recovery of the country’s economy.
At a press conference, the Chinese business capital city recently detailed that plans include the development of smart terminal industries and low-carbon projects. It expects the sectors to be worth a total value of $224 billion, or 1.5 trillion yuan, by the end of 2025.
Shanghai authorities will also grant 10 billion yuan in funding for metaverse development. The funds will be allocated to developing ten major corporations and 100 smaller businesses, with the goal of launching at least 100 “benchmarking products” by 2025. It is specifically looking at “strengthening cutting-edge technological breakthroughs,” such as virtual reality headsets, chips, cloud computing and 5G technology.
In December, the Shanghai Municipal Commission of Economy and Information Technology’s issued five-year development plan for the electronic information industry which included the metaverse listed as a frontier for exploration.
The Chinese plans are cause for confusion, as it is known for its anti-crypto stance warning people to stay away from cryptocurrencies, with crypto mining and trading made illegal in the country.